Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex – Businesses and the general public have been reminded by the Bank of Ghana not to demand or make a payment in foreign currency without its permission. The central bank’s warning came only over a month after Ghana’s currency was named Africa’s worst-performing currency.
The Ghanaian central bank has made it clear that receiving or making payments in foreign currency for products and services without its express permission is still illegal. Businesses should avoid operating in foreign exchange transactions without a license provided by the Bank of Ghana, according to the bank.
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The Bank of Ghana said in a statement that people who break the rules face substantial fines. Alternatively, those who violate the regulations face a sentence of not more than 18 months in prison.
The local currency, the cedi, is the only legal tender in Ghana, according to the BOG. The central bank also stated that it will go after companies that disobey the law, and that all offenders will be penalized according to the law.
The BOG stated in its statement:
“The Bank of Ghana will continue to crack down on illegal foreign exchange transactions in partnership with National Security and law enforcement agencies. All violators will be prosecuted according to the law.”
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Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex – Meanwhile, the BOG stated in the statement that any infractions of the Foreign Exchange Act should be reported to the BOG’s complaints offices.
The BOG’s warning comes little over a month after the cedi was named Africa’s worst-performing currency after depreciating by 8.86 percent between January 1 and February 25. The cedi’s depreciation comes after it was named the best-performing currency more than a year ago.